National Finance House net climbs 107pc

Manama, November 15, 2009

National Finance House (NFH) has reported a net profit of BD723,000 ($1.92 million) in the first nine months of this year, compared to BD349,000 for the same period last year, a growth of more than 107 per cent.

Total interest income reached BD2.25 million compared to BD1.2 million in the same period last year, an increase of 88 per cent. Chairman Farouk Almoayyed said the company has achieved a significant increase in its market share from the vehicle finance business.

The assets of the company have also grown remarkably by 24 per cent to BD34 million compared to last year's results.

He said that despite the stiff competition in the market and the adverse effects of the global financial crisis which has impacted the financial sector, NFH achieved good results and mainly due to its continued strategy to follow conservative lending policies, while maintaining the quality of the portfolio.

He also attributed these results to the opening of a branch in Sitra earlier this year which has positively contributed to the result by providing faster services to our customers and the auto dealers.

NFH general manager Jassim Khalaf said that despite the financial crisis during the year, the company continued to achieve excellent results and succeeded in increasing its market share reaching more than 20 per cent by the end of the third quarter.

Moreover, NFH is now known for providing the fastest approval for loans in the kingdom by its extensive presence at car dealerships showsrooms.

Khalaf also said that the company is currently finalising its strategic plan for the next three years which will include launching new services and opening new branches.

NFH is a Bahraini closed shareholding company established in 2005 and started operations late in 2006. NFH shareholders are among the largest well-known companies in the business of insurance, car dealerships, finance, investment, and industry in Bahrain and the GCC.

Its major shareholders are Bahrain National Holding Company, E.K. Kanoo, YK Almoayyed and Sons, Almutlaq Group in Saudi Arabia, Oman National Investment Corporation and Al Khaleej Insurance and Reinsurance in Qatar.-TradeArabia News Service